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AKIPRESS.COM - Mongolia will pay a $ 580 million debt bonded by the Development Bank LLC. Prime Minister J.Erdenebat has confirmed that 'we can pay the debt on time,' reports news.mn
The precise date of the payment will be 31 March 2017.
Mongolia currently faces a critical situation with a slowdown of economic growth, a budget deficit soaring to MNT 2.6 trillion and drastic fall in foreign investment.
Mongolia's ability to make its external payments 'ironically' depends on whether or not the government can receive funding and loans from international organizations such as the IMF and countries such as Japan.
Mongolia is expecting to receive a $1-1.5 billion aid package from the IMF or Japan; assuming the aid comes next month, then the country can pay its debts in March.